Do I need Flood Insurance?
Ormond Beach Insurance: Flood
Do you live in a flood zone? Do you live outside of a flood zone? Are you unsure? If you live in a flood zone, it is critical that you have flood insurance. If you don’t, it’s still a good idea to have a flood insurance policy in place. Even areas that have not flooded for decades are prone to flooding should the right weather system come through. Homeowners policies generally exclude flood damage, and often when severe weather that will bring flooding is forecasted, it’s too late to call you insurance provider to get coverage. IF you’re unsure if you’re in a flood zone, give your Ormond Beach independent agent at Capital Partners Insurance a call, and we will help you find out and go over your coverage options.
Floridians have two options for flood coverage
The first option is a program managed by FEMA, the National Flood Insurance Program (NFIP). NFIP will provide coverage for structures that are not lived in, as well as structures that are lived in with up to four separate units. NFIP generally will not cover homes that are not permanently affixed to a foundation (i.e. a mobile home), properties that have filed numerous flood related claims, or communities that don’t participate in the program. Condominiums are handled differently rather than excluded — the NFIP writes a Residential Condominium Building Association Policy (RCBAP) for associations, and unit-owner policies for contents and, depending on the association’s coverage, interior improvements.
If NFIP isn’t the best option for you, your other choice is to purchase a private flood insurance policy. Private flood policies are sometimes priced lower than NFIP because certain NFIP fees do not apply — and sometimes they are not. We quote both side by side so you can compare your actual numbers.
I don’t live in a flood zone, why would I ever need flood insurance?
As stated above, there really is no one place that is completely safe from flooding. Flooding can You may not live right by the beach, but that does not make you immune to the possibility of a flood! How? An area that stays dry most of the time could take on an impressive amount of rainwater during a flash flood. Where will all this water go if the area doesn’t have sufficient drainage in place? The water has nowhere to go until it can slowly drain into the ground, which can take a long enough time for you to experience flood damage and have issues with molding.
If we get a freak storm, I can just rely on FEMA to cover my claim, right?
Not necessarily. In order to receive grants from FEMA, the area that the property was damaged must have been declared a disaster area. If the area is not declared a disaster area, FEMA will provide no assistance. Even if your property sustained tens of thousands of dollars, if it is not in a FEMA declared disaster area, you won’t receive any assistance.
Give your Ormond Beach independent agent at Capital Partners Insurance a call today so we can go over your options for flood insurance coverage.
